In historic first, Bank of England fines Vocalink £11.9m
On 9 July 2025, the Bank of England (BoE) took the unprecedented step of fining Vocalink Limited £11.9 million for failing to comply with a supervisory direction issued under section 191 of the Banking Act 2009. This marks the first time the BoE has fined a financial market infrastructure (FMI) firm. This is a stark […]
UK announces major changes to the Money Laundering Regulations – what do they include?
HM Treasury has published a draft of the Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025. This statutory instrument sets out targeted reforms to the UK’s money laundering regime. The changes are designed to close loopholes, streamline due diligence, and bring cryptoasset oversight in line with the Financial Services and Markets […]
Isle of Man under siege? Compliance priorities in the rising financial crime hotspot
The Isle of Man, long known for its scenic landscapes and reputation as a trusted offshore finance centre, is now finding itself on the frontlines of a battle against organised crime. Behind the island’s calm exterior, Liverpool drug gangs, cross-border money launderers, and sanctions evaders are testing its financial system with increasing boldness. Prisons are […]
Lessons from Lidl: Getting sexual harassment compliance right
The recent employment tribunal case of Hunter v Lidl GB has placed workplace sexual harassment prevention under the spotlight. Following an employment tribunal judgment, Lidl Great Britain Limited (Lidl GB) entered into a legally binding agreement with the Equality and Human Rights Commission (EHRC) to strengthen its anti-harassment measures. For compliance professionals, this case illustrates […]
Australia’s Tranche 2 AML/CTF reforms: what’s changed, who’s in scope, and what to do now
AUSTRAC has tabled the Anti-Money Laundering and Counter-Terrorism Financing Rules 2025, which operationalise the Amendment Act and switch Australia’s regime onto a simpler, outcomes-based footing. The Rules commence on 31 March 2026. From 2026, Tranche 2 obligations extend to: real-estate professionals; dealers in precious metals, stones and products; lawyers, accountants and TCSPs; and virtual […]
Failure to prevent fraud in Scotland: The Procurator Fiscal’s distinct approach
On 1 September 2025, the failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) came into force across the UK. For organisations, this marks the latest expansion of the corporate liability landscape that already includes failure to prevent bribery and failure to prevent facilitation of tax evasion. But while […]
August compliance news round-up
What’s in this update? Key laws incoming: Failure to Prevent Fraud offence live from 1 Sept; new DUAA rules began 20 Aug. FCA & misconduct: Non-financial misconduct training set for 37,000 firms; fresh compliance rules for payment firms; million-pound fine for inaccurate data reporting. Data & privacy: Court of Appeal expands rights for […]
Off-channel communications: The compliance risks of WhatsApp
The use of encrypted messaging apps such as WhatsApp, Signal, Telegram and WeChat has become routine in financial services. For client-facing staff, traders and senior executives, these platforms provide speed and ease of communication. But for regulators, they represent one of the most significant blind spots in compliance today. Conversations that take place outside official […]
TerraCom’s $7.5 million penalty: Bribery risks, whistleblower protections, and compliance red flags
The Federal Court of Australia has handed down a landmark decision against TerraCom Limited, imposing a A$7.5 million penalty and A$1 million in costs after the coal miner admitted to breaching Australia’s strengthened whistleblower protections. This case underscores how quickly whistleblowing issues can escalate from internal HR matters to multi-million dollar penalties and reputational crises. […]
Transatlantic corporate crime: How the UK and US will investigate and prosecute cases together
For corporates trading across the Atlantic, the risk of prosecution for economic crimes is now sharper than ever. With the UK’s Economic Crime and Corporate Transparency Act 2023 (ECCTA) expanding attribution rules and introducing the failure to prevent fraud offence, and with the US maintaining an aggressive approach to tax and trade enforcement, companies operating […]
